WELCOMING NEW MEMBERS
Asian-born Jolt Digital was created because of the increasing need to change up the media agency offer .
We have been connecting brands to consumers for the past 4 years for small and big clients such as GSK , Nestle , McCormick , ESSEC Business School , Bahlsen , and many others .
LogChain is transforming logistics for anyone who makes , moves , or consumes goods . LogChain is a software layer that connects small and large stakeholders , office and site-based staff , so that trusted supply chain data is shared in real time . This reduces the cost of logistics through reducing admin , making logistics happen faster because delays are reduced , and makes the business better because significant operations can be automated .
This improves efficiency and resilience and offers new levels of transparency . Ask us about our powerful digital customs clearance technology !
MING Labs is a digital innovation and transformation company with offices in Berlin , Munich , New York , Shanghai , Suzhou and Singapore . With over 80 digital experts globally , we build digital products that delight and digital businesses that deliver . Across strategy , design , development , launch and support - we work end to end with our partners .
We are the first choice for entrepreneurs and intrapreneurs looking to move faster , iterate sooner and create Magic Moments with the products and businesses they build . Our clients include digital innovation and transformation units from some of the most reputable brands globally , including : BASF , BMW , BOSCH , Lufthansa , Mann + Hummel , MunichRe , Siemens , Schneider Electric , UTC and many more .
An interdisciplinary design studio specialised in Architecture , Interior design and Master planning . Established and based in Singapore , the studio is founded upon experiences spanning two decades throughout Asia and Europe . The majority of this based in Singapore having worked with some of the most notable and recognised practices in the region on a wide variety of Award winning local and overseas projects . A portfolio of prior works ranging in scale and discipline , often a collaborative approach of disciplines and application that have broaden experiences throughout all stages of the design process and a project lifespan . Ranging from initial feasibility studies and master planning , design concepts to construction management and a project ’ s completion .
Representative Member : Duncan Fletcher Payne
MAKING TAX DIGITAL – WELCOME TO THE FUTURE OF TAX
Making Tax Digital –
Welcome to the
Future of Tax
Managing Director, Spice Taxation
I was privileged to attend the two recent British Chamber Leaders in Business lunches with the
Deputy Prime Minister Lawrence Wong and the Managing Director of EDB, Jacqueline Poh. It was
striking to me that both, completely independently of each other, spoke passionately and
enthusiastically about the Digital Economy Agreement recently concluded between the UK and
My area of expertise, UK taxation, has
been dragged along in the slipstream,
albeit somewhat reluctantly at times.
Legislation has been passed in recent
years to enforce the digitisation of
many parts of the UK tax system and
much progress has been made. We can
access our Tax and National Insurance
records online through our ‘Personal
Tax Accounts’ set up through the
‘Government Gateway’, and many of
us file our Tax Returns online. Filing
by post is quite rare nowadays and my
practice, Spice Taxation, does all of
its client’s tax filings online – Income
Tax, Capital Gains Tax, Annual Tax on
Enveloped Dwellings etc. All of which
is positive, saves time and generally
makes everything much more
However, from 6th April 2024, landlords who qualify for MTD
will need to make a minimum of six annual submissions to
HM Revenue & Customs. That is twelve for a couple with one
property business (say one property on long term let). Add
another five each for each additional business type – such
as a Furnished Holiday Letting or taxable Self-Employment.
It sounds a bit crazy. However, it is definitely coming and
clients and advisers alike need to be well prepared. The
enabling legislation this has been drafted and is under
consultation.It is, I think, a good thing that we will all need to be more
focussed on our tax affairs. I also expect to find that
making a quarterly submission will be an easier task than
filing a once-a-year Tax Return. So, the pain that so many
people feel once a year is going to be spread into more
bearable parcels of torment, which is also a good thing. In
other words, whilst the change may take some adjusting
to, taxpayers and advisers alike will, I am sure, fall into the
pattern of a new way of doing Income Tax and find, in the
end, that it isn’t that bad after all.
There will be a requirement to submit a statement of income
and expenses once a quarter (either to coincide with the tax
quarter or the calendar quarter), with an annual summary
by 31st January following the end of the Tax Year, together
with a final submission reporting on other matters such as
residence, bank interest, dividends etc.Although MTD is still around 18 months away, there is no
substitute for good preparation and here at Spice Taxation,
we are ready and are talking to our clients about this. If the
thought of engaging with HMRC with multiple submissions
every quarter drives you to despair, talk to us. We actually
rather enjoy tax, whether it is giving you advice to be more
tax-efficient or just helping with submissions like this. We
would be very happy to help.
What’s more, a new ‘points regime’ is being introduced at
the same time. However, these points don’t mean prizes. For
every late submission a taxpayer is ‘awarded’ a point. When
a certain points threshold has been reached, an automatic
GBP 200 fixed penalty will apply for that submission and any
subsequent late submissions. The points have expiry dates
which is, at least, something.
And they were right to do so; it is a
really exciting initiative that promises
much for cooperation and the
deepening of ties and trade relations.
Digitisation is, of course, much more
than a by-word or a slogan – it is a
practical necessity in our evolving
So, what was once an annual task is going to become a
quarterly task and it is important to get prepared for this. If
you file your Tax Returns yourself, make sure that you have
‘MTD compliant’ software and a good diary system! If you
use a tax adviser, they will need to be ready to work with this
new system and communications and information sharing
arrangements will need to be put in place.
But it doesn’t always work that way.
Sometimes, swifter and easier access
to data, greater connectivity and
general ease in getting things done
digitally can foster an expectation of
swifter responses, more accountability
and responsibility, and more regular
interactions. None of these are
bad things in and of themselves of
course, but perhaps sometimes they
can be taken a step too far. Enter
the maddening world of ‘Making
Tax Digital’ (MTD). MTD was first
announced by George Osborne in the
2015 Budget, where he confidently
asserted that the Government would
be ‘doing away with the annual Tax
Return’. Well, it has taken 9 years,
but from 6th April 2024 ‘Making Tax
Digital’ for Income Tax arrives for those
who are self-employed and, crucially,
those who rent out properties,
generating turnover of at least GBP
10,000 a year – which of course
includes many British expatriates and
So, is the annual tax return being
done away with? In a sense, yes. In a
sense, no. At the moment, filing a UK
Tax Return is a once-a-year task, often
deferred and relished by most sane
people about as much as, say, root
Martin Rimmer is the Managing Director of Spice Taxation, a member firm of the Spice Advisory Group of businesses. Spice Advisory is an exciting
new professional services network serving British Expatriates and Private Clients planning to migrate to or invest in the UK. We provide a compre-
hensive range of services from UK taxation, estate management, relocation and immigration, property development, debt advisory through to our
lifestyle business. Independent of financial advisers, property companies and insurance providers, our focus is on providing impartial advice to our
clients. Our evolving network is a trusted source for much-needed professional services for British Expatriates, both in-house and including external
providers we endorse as best-in-class.